PA Tax Credit Program
Through participation in the Pennsylvania Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) programs, businesses—and now, individuals—with significant tax liability, can earn PA tax credits when they make a contribution to a scholarship organization like The Episcopal Academy.
What are EITC and OSTC?
Contributions made through the Educational Improvement Tax Credit (EITC) provide financial aid to students living in low-income households who attend an eligible scholarship organization, like Episcopal.
Contributions made through the Opportunity Scholarship Tax Credit (OSTC) program support Episcopal students from low-income households who live in neighborhoods with low-achieving public schools (bottom 15% in Pennsylvania).
When an approved individual or business agrees to participate in the program for two consecutive tax years, they may be eligible for a tax credit equal to 90% of the total contribution.
How do I participate?
Tax credits are available on a first-come, first-served basis, and businesses must complete a quick, single-page application each year to contribute.
- Contact your tax specialist and Brooke Record, Associate Director of Institutional Advancement (email@example.com or 484-424-1779) to discuss avenues of participation. EA can assist with all applications.
- New businesses applying for tax year 2019 must submit an electronic application on July 1, 2019. Applications are approved on a first-come, first-serve basis and contributions must be made within 60 days of receipt of state approval.
- Renewal applications for business participants who made a two-year commitment are accepted beginning on May 15, 2019 and contributions must be made within 60 days of receipt of state approval.
- Qualified individuals will need to participate through a Special Purpose Entity (SPE). Therefore, interested individuals should be prepared to sign a joinder committing to participation in a state-approved SPE. Contributions to SPEs are made in December each year.
Who is eligible?
Businesses authorized to do business in Pennsylvania who are subject to one or more of the following taxes:
- Personal Income Tax
- Capital Stock/Foreign Franchise Tax
- Corporate Net Income Tax
- Bank Shares Tax
- Title Insurance & Trust Company Shares Tax
- Insurance Premium Tax (excluding surplus lines, unauthorized, domestic/foreign marine)
- Mutual Thrift Tax
- Malt Beverage Tax
- Retaliatory Fees under section 212 of the Insurance Company Law of 1921
Individuals may participate though inclusion in a Special Purpose Entity (SPE).
How does EITC/OSTC benefit Episcopal?
Episcopal is committed to enrolling a diverse student body from varying economic backgrounds. The EITC and OSTC programs support Episcopal’s financial aid efforts and impact students who, without the assistance of businesses like yours, would not be able to attend EA.
Learn more about EITC/OSTC.
The following resources may help in the application process. If you have any questions, please contact Brooke Record at 484-424-1779 or firstname.lastname@example.org.
Make an impact.
When you're ready to make your contribution, checks can be made to The Episcopal Academy. Please send to the attention of Brooke Record to Episcopal’s mailing address with a copy of the letter you received from the Commonwealth of Pennsylvania.
For more information, please contact:
Brooke RecordAssociate Director of Institutional Advancement
Dear Parents, Alumni and Friends,
The Episcopal Academy was approved, once again to receive gifts through the EITC (Educational Improvement Tax Credit) and OSTC (Opportunity Scholarship Tax Credit) programs for the 2019-2020 academic year. Through these programs, you as an individual, and/or your business can earn State tax credits while changing kids’ lives. The gifts EA receives bolster our financial aid budget, allowing us to extend aid to students with the greatest financial need and giving us the ability to build a phenomenal student body.
As an educator, a parent, and now, a program participant, I am excited by the opportunities these programs provide our students.
Thank you for your consideration and your ongoing commitment to Episcopal!
Dr. T.J. Locke
The following companies and individuals contributed scholarship support through EITC and
Aqua Pennsylvania, Inc.
Brian Communications & Realtime Media
Brown Brothers Harriman & Co.
The Bryn Mawr Trust Company
Business Leadership Organized for Catholic Schools (BLOCS)
Cristo Rey Philadelphia
Daniel Martin, Inc. D/B/A Wilkie Lexus
First Financial Networks, Inc.
Gemini Capital Group LLC
GT Power Group LLC
Gregory A. Hillyard, D.M.D., P.C.
HSC Builders & Construction Managers
Inverness Graham Investments, Inc.
Manufacturers & Traders Trust Company (M&T Bank)
Montgomery Avenue II LLC
Norris Sales Company
Mr. & Mrs. John S. Pettibone, III
Philadelphia Insurance Companies
RA Newbold LTD
Robert J. Kratz & Company
Rosenberg & Parker, Inc.
The ESS Group, Inc. [Colonial Chemical Company]
The Philadelphia Contributionship Insurance Company
Trinity Financial Partners TD
UGI Energy Services
Warren Claytor Architects